Stocks
Hedge Funds Flock to Home Improvement Retailer as Earnings Beat Expectations
BIP Wealth LLC has made a new investment in The Home Depot, Inc. (NYSE:HD), buying 25,397 shares of its stock worth approximately $8,957,000 in the second quarter.
This is not an isolated instance, as several other hedge funds have modified their holdings of HD in recent quarters. For example, Curio Wealth LLC boosted its position by 13.5% and Canandaigua National Trust Co of Florida increased its stake by 1.3% during the fourth quarter.
The Home Depot has been performing well, with earnings and revenue exceeding consensus estimates in its latest quarter. Bank of America characterized the results as resilient despite a difficult housing backdrop.